GST Bonanza fuels stock markets rally; Sensex jumps nearly 900 points
Mumbai (PTI): Benchmark equity indices Sensex and Nifty surged in early trade on Thursday as investors became cheerful after the GST Council approved a complete overhaul of the tangled Goods and Services Tax regime.
The 30-share BSE Sensex jumped 888.96 points to 81,456.67 in opening trade. The 50-share NSE Nifty surged 265.7 points to 24,980.75.
Common use items from roti/paratha to hair oil, ice creams and TVs will cost less, while tax incidence on personal health and life insurance will be brought down to nil after the GST Council on Wednesday approved a complete overhaul of the tangled Goods and Services Tax (GST) regime.
The GST Council approved limiting slabs to 5 per cent and 18 per cent, effective from September 22, the first day of Navaratri.
From the Sensex firms, Mahindra & Mahindra jumped the most by over 7.50 per cent. Bajaj Finance, Hindustan Unilever, Bajaj Finserv, ITC, Tata Motors and UltraTech Cement were also among the gainers.
However, Eternal, Tata Steel, NTPC and HCL Tech were among the laggards.
"The revolutionary GST reform has come better-than-expected benefitting a wide spectrum of sectors. The ultimate beneficiary is the Indian consumer who will benefit from lower prices. The potential big boost to consumption in an economy that is already in growth momentum will be big and may surprise on the upside," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
He further added that after the initial enthusiasm, tariff issues will continue to haunt the market.
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index traded in positive territory while Shanghai's SSE Composite index and Hong Kong's Hang Seng quoted lower.
US markets ended mostly higher on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,666.46 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,495.33 crore, according to exchange data.
Global oil benchmark Brent crude dipped 0.56 per cent to USD 67.22 a barrel.
On Wednesday, the Sensex jumped 409.83 points or 0.51 per cent to settle at 80,567.71, and the Nifty climbed 135.45 points or 0.55 per cent to 24,715.05.
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LoP Ashoka targets CM govt over corruption, says being 'shameless' in public life not forgivable
Bengaluru (PTI): Targeting Chief Minister Siddaramaiah and the Congress government in Karnataka on corruption, BJP leader R Ashoka on Friday said, being foolish was forgivable, but being "shameless" in public life was not.
The Leader of Opposition in the state Assembly claimed that in just 30 months of its tenure, the Congress administration has broken every previous record on corruption-related controversies.
He was responding to Siddaramaiah's post on 'X' on Thursday hitting back at the BJP, stating that Upa Lokayukta Justice Veerappa's claims of "63 per cent corruption" were based on his report in November 2019, when BJP's B S Yediyurappa was the CM.
"But Ashoka, without understanding the Upa Lokayukta's statement properly, has ended up tying the BJP's own bells of sins onto our heads and has effectively shot himself in the foot," the CM had said, as he accused Ashoka of foolishness for trying to twist Veerappa's statement to target the current government.
Responding, Ashoka said, "it is one thing to be called foolish in politics, that can be forgiven."
"But in public life, especially in the Chief Minister's chair, one must never become shameless," Ashoka posted on 'X' on Friday addressing Siddaramaiah.
Noting that the CM himself had admitted on the floor of the Assembly that a Rs 87 crore scam took place in the Valmiki Development Corporation, he said that when a CM acknowledges such a massive irregularity inside the floor of the House, the natural expectation is immediate action and accountability.
"But instead of taking responsibility, you continue in office as if nothing has happened. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
Pointing out that the CM's Economic Advisor and senior Congress MLA Basavaraja Rayareddy had publicly stated that under Congress rule, Karnataka has become No.1 in corruption, Ashoka said, "Yet, you still cling to the Chief Minister's chair without a moment of introspection. What should the people of Karnataka call this, if not sheer shamelessness."
Senior Congress MLA C R Patil had exposed the "money for House" racket in the Housing Department and even warned that the government would collapse if the details he has were made public, Ashoka said.
"Despite such serious allegations from within your own party (Congress), you neither initiated an inquiry nor acted against the concerned minister. What should the people of Karnataka call this, if not sheer shamelessness," Ashoka asked the CM.
Highlighting the "40 percent commission" allegation Congress made against the previous BJP government, the opposition leader said, the commission that the Siddaramaiah government appointed concluded that the accusation was baseless.
"After your own panel demolished your own claim, what moral right do you have to continue repeating that allegation. What should the people of Karnataka call this, if not sheer shamelessness," he asked.
For the last two and a half years, Karnataka has been 'drowning' in corruption, scandals, irregularities and allegations across departments. Ashoka said, "If I begin listing every case that emerged under your government, even 24 hours would not be enough."
"And the most tragic aspect of your administration is this: the unbearable pressure, corruption demands and administrative harassment under your government pushed several officers and contractors into extreme distress - including the suicide of Chandrasekharan which exposed the Valmiki Development Corporation scam - a sign of how deeply broken the system has become under your watch," he said.
Instead of fixing this hopeless environment, the government has tried to bury every complaint and silence every voice, he charged.
"Being foolish is forgivable, but being shameless in public life is definitely not."
"When your own ministers admit scams, when your own advisors certify Karnataka as No.1 in corruption, and when your own MLAs expose rackets inside your departments - clinging to power without accountability is not leadership. It is shamelessness in its purest form." PTI KSU
Earlier on Thursday Ashoka had demanded that the corruption case and allegations in the state against the Congress government be handed over to a CBI investigation, citing a reported statement by Upalokaykta Justice Veerappa alleging "63 per cent corruption", following which Siddaramaiah hit back at the BJP leader.
